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Message: NR offer to $7.49

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Re: NR offer to $7.49

in response to NR offer to $7.49 by duncanmcl

posted on Nov 17, 09 07:17PM

Dragon Oil plc

no increase statement from enoc

Further to the announcement on 2 November 2009 regarding the recommended acquisition for cash of the entire issued and to be issued share capital of Dragon Oil plc ("Dragon Oil") not already owned by the Emirates National Oil Company Limited LLC ("ENOC") (the "Acquisition"), the Board of ENOC has confirmed to the Independent Committee of Dragon Oil that the price of 455 pence per Dragon Oil Share is final and will not be increased and that, whether or not the Acquisition is successful, ENOC remains a committed long-term majority shareholder in Dragon Oil.

In the same joint announcement by the Independent Committee of Dragon Oil and the Board of ENOC on 2 November 2009, the Independent Committee (having been so advised by Davy Corporate Finance and HSBC) stated that the terms of the proposed Acquisition by ENOC are fair and reasonable for the minority shareholders of Dragon Oil.

The Independent Committee reiterates that the cash offer of 455 pence per Dragon Oil Share will provide the minority shareholders of Dragon Oil with the opportunity to realise a cash exit at a significant premium of 34.6 per cent. to the Closing Price of 338 pence per Dragon Oil Share on 3 June 2009 , the last Trading Day prior to the announcement by Dragon Oil that it had received an approach in relation to a possible offer, and reiterates that the terms of the proposed acquisition are fair and reasonable for the minority shareholders of Dragon Oil .

The Independent Committee confirms that it continues to recommend unanimously that Dragon Oil Shareholders vote in favour of the Acquisition.

It is envisaged that the Scheme Document, containing further details of the Acquisition, will be issued to Dragon Oi l shareholders later this week.